FCA Finalizes Magneti Marelli Sale

Fiat Chrysler Automobiles NV has completed the sale of its Magneti Marelli SpA parts affiliate to CK Holdings Co. Ltd. for a final price of €5.8 billion ($6.5 billion).

CK Holdings is owned by KKR & Co, the New York City-based private equity firm, and controls Japanese component supplier Calsonic Kansei Corp. KKR will merge the two businesses, which will be led by Calsonic CEO Bed Bolzenius.

FCA had been studying options for the affiliate for more than a year. It decided 12 months ago to sell the business rather than spin it off to FCA shareholders. The sale, originally valued at €6.2 billion, was publicly announced last October.